Detroit Electric Will Build the World's Fastest Production EV
Car in Europe

Limited-edition SP:01 two-seat, 100% electric sports car to be launched
in Europe and Asia in fourth quarter this year and soon followed by the US
introduction. New sports car showcases class-leading electric vehicle
powertrain technologies Family of high-performance EVs to follow from
Detroit Electric brand Production to commence at new facility in heartland
of UK’s high tech auto industry New EMEA headquarters in Houten,
Netherlands

DETROIT, USA -- June 26, 2014: Detroit Electric, one of the most prolific
manufacturers of electric cars in the early 20th Century, is back with an
all-new, pure electric sportscar, a new production facility and a
highly-experienced new team that will develop a range of high-performance
pure EVs.

The brand’s first product, the lightweight, limited-edition SP:01
sportscar, will be the world’s fastest production electric vehicle
when it goes on sale in European and Asian markets later this year and soon
followed by the US introduction.

Detroit Electric has secured additional investment following an initial
reveal of the SP:01 in the first quarter of last year. The car has since
undergone extensive further development, heralding significant changes to
enhance its aerodynamic performance and improve interior comfort and
quality. The EV is currently undergoing engineering sign-off tests, and the
final styling of the car will be revealed in the coming weeks.

The SP:01 will set new standards for performance and handling in the EV
segment. Its high-power electric motor will propel the car to an impressive
155 mph (249 km/h) top speed and a 0-60mph time of just 3.7 seconds.

All the cars will be manufactured in a new, dedicated Detroit Electric
production facility in Leamington Spa, UK, which will progressively
increase staff levels to 80 by the end of the first quarter of 2015.

Detroit Electric has also invested in a new EMEA headquarters, located
in Houten, Netherlands, where the company has already recruited a new team
to manage the brand’s Sales and Marketing activities including
vehicle sales, customer service and marketing.

The company has its global headquarters on the 18th floor of the iconic
Fisher Building, located in downtown Detroit, USA. This facility will be
the company’s financial headquarters and will be the centre for
overseeing sales activities in North and South America, and eventually
assuming responsibility for developing, engineering and ultimately
assembling new Detroit Electric models.

Albert Lam, Chairman and CEO of Detroit Electric, said:
“We’re truly delighted that we’re just weeks away from
bringing to fruition our plans to introduce Detroit Electric’s first
pure electric sports car. With a new production facility in the UK, a
magnificent EMEA headquarters in The Netherlands and plans to engineer and
assemble vehicles in the USA, the world will soon be able to experience the
pure electric performance of our range of exciting and innovative Detroit
Electric vehicles.

“While Detroit was our preferred initial assembly location, the
regulatory process for the production and sale of the SP:01 in the US has
taken longer then expected,” he added. “That means the assembly
operations have to be located in Europe to allow us to bring the vehicle to
market globally in line with our timing plans. We’re growing our team
at the company’s headquarters in Detroit and we are committed to
bringing investment and jobs to the Detroit economic area in the very near
future.”

The SP:01 will spearhead a diverse family of all-electric production
cars, including an electric 2+2 supercar and a sedan model that will be
engineered, developed and assembled at a planned facility in Michigan.

“We are custodians of an iconic electric vehicle brand, and we
intend to honour and carry forward its proud heritage of creating
cutting-edge, innovative transport technologies,” Lam continued.
“We will come to the market with a range of exciting vehicles that
will deliver thrilling pure electric performance with zero emissions. Our
production base and new regional and global headquarters will give us the
international reach we need to fast-track our growth. We have a fantastic,
growing team of people, as well as the resources and expertise necessary to
succeed in a competitive market.”

Early in the last century, Detroit Electric led the fledgling electric
car market. By 1912, there were numerous American electric vehicle makers,
with Detroit Electric both the market leader and the most prolific, going
on to make around 13,000 cars – an electric vehicle production world
record for the twentieth century. Notable customers included Thomas Edison,
Mamie Eisenhower, John D. Rockerfeller Jr. and Clara Ford, the wife of
Henry Ford.

The brand was revived in 2008 by Lam, former Group CEO of the Lotus
Engineering Group and Executive Director of Lotus Cars of England, with a
vision to produce an electric vehicle that seamlessly integrates refined
aesthetics, innovative technology and superior handling and
performance.

To safeguard its sustainable growth, Detroit Electric employs an
‘asset light’business model, similar to brands such as Apple
and Nike, focusing investment on R&D and marketing. Lam, brings to Detroit
Electric various operational disciplines from his time heading up
technology and innovation-driven businesses in Asia, including Apple and
Sun Microsystems.